TP1: 1.62715 (50pip)
TP2: 1.62939 (70pip)
TP3: 1.63298 (110pip)
ENTRY: 1.62198 to 1.62310
Plan: This potential move is subjective to the price when the market opens today.
Looking for entry when the price reaches between 1.62198 to 1.62310. Will hold 3 positions for this pair. Once TP1 is hit will move SL to entry for remaining positions.
Price failed to break previous swing low suggesting we will see some upside. I think we will see price retrace back to 1.64 creating a right shoulders and new lower high signally a trend change I didn't get to post this position when I entered but there is still two entry opportunities on the chart. See next post for lower time frame entry.
EURAUD - Intraday - We look to Buy at 1.5955 (stop at 1.5910)
Broken out of the wedge to the downside. The 161.8% Fibonacci extension is located at 1.6012 from 1.6787 to 1.6308. Bespoke support is located at 1.5955. The conflicting views have resulted in the immediate outlook being hard to interpret. The selloff is close to an exhaustion count on the intraday...
EurAud has had a decent move to the upside and currently there is more room to go higher in my opinion. Following a good impulsive move IF we get a pullback into that zone we can look to carry on higher or for a retest of the highs at least.
Short term buy after a retest of this broken resistance now support. if so then this should reach up to major highs and also filling in this rising wedge to then begin to show signs of any reversals. We will only sell once we see price break a few support areas and also this large pattern.